ATTACHMENT 3 - 1
CONTENTS
Roadmap . . . . . . . . . . . . . . . . . . . . . . . . . 1 City Snapshot . . . . . . . . . . . . . . . . . . . . . . . 2 What Is Economic Development? . . . . . . . . . . . 3 What Is Economic Development In Burbank? . . . . 4
CORE ELEMENTS
How Do We Do It? . . . . . . . . . . . . . . . . . . . . 5 Attraction . . . . . . . . . . . . . . . . . . . . . . . . . 6 Retention . . . . . . . . . . . . . . . . . . . . . . . . . 7 Entrepreneurship . . . . . . . . . . . . . . . . . . . . . 8 Tourism . . . . . . . . . . . . . . . . . . . . . . . . . . 9
FOCUS OF ATTENTION
Through 2017 . . . . . . . . . . . . . . . . . . . . . . . 10 Through 2022 . . . . . . . . . . . . . . . . . . . . . . . 11
METRICS FOR SUCCESS
Economic Development . . . . . . . . . . . . . . . . 12 Community Metrics . . . . . . . . . . . . . . . . . . . 13 APPENDIX . . . . . . . . . . . . . . . . . . . . . . . . . 14
BURBANK
ECONOMIC DEVELOPMENT
STRATEGIC PLAN
2018-2022
ATTACHMENT 3 - 2
A ROAD MAP
The Burbank Economic Development Strategic Plan serves as a blueprint for the City’s future growth priorities based on current and projected conditions. The Plan is intended to provide a road map for city staff, developers, property owners, business districts, commercial real estate professionals, and all parties contributing to the economic wellbeing of Burbank, so as to work from a common purpose and aligned objectives.
The core elements, goals and strategies described in the Plan envision a four-year time line based on current and projected market conditions, subject to revision as the economic landscape evolves.
By understanding the framework for continued economic vitality and ongoing success, the City will be able to create a better Burbank, expanding community services such as Police and Fire, and funding improvements to public infrastructure that will in turn attract the next generation of businesses and residents to Burbank.
1 CONTENTS
Roadmap . . . . . . . . . . . . . . . . . . . . . . . . . 1 City Snapshot . . . . . . . . . . . . . . . . . . . . . . . 2 What Is Economic Development? . . . . . . . . . . . 3 What Is Economic Development In Burbank? . . . . 4
CORE ELEMENTS
How Do We Do It? . . . . . . . . . . . . . . . . . . . . 5 Attraction . . . . . . . . . . . . . . . . . . . . . . . . . 6 Retention . . . . . . . . . . . . . . . . . . . . . . . . . 7 Entrepreneurship . . . . . . . . . . . . . . . . . . . . . 8 Tourism . . . . . . . . . . . . . . . . . . . . . . . . . . 9
FOCUS OF ATTENTION
Through 2017 . . . . . . . . . . . . . . . . . . . . . . . 10 Through 2022 . . . . . . . . . . . . . . . . . . . . . . . 11
METRICS FOR SUCCESS
Economic Development . . . . . . . . . . . . . . . . 12 Community Metrics . . . . . . . . . . . . . . . . . . . 13 APPENDIX . . . . . . . . . . . . . . . . . . . . . . . . . 14 ATTACHMENT 3 - 3
CITY SNAPSHOT
Dubbed the “Media Capital of the World,” the City of Burbank is at the center of today’s entertainment industry, home to 1,000 entertainment and media companies, and 33,430 creative industry jobs.
In a world were content is king, Burbank is a leader. Our demographics reflect an average household income of $101,253, and median household income of $76,211 an educated
population with more than 70% achieving some college or above,* and a 20-minute drive-time population of one million, Burbank offers a dynamic commercial environment filled with opportunity. The economic base is strong and diversified, with a progressive emphasis on the fusion of entertainment and hi-tech.
The City also boasts the fifth busiest airport in
Southern California, the Hollywood Burbank Airport.
Representing $1.8 billion in economic output, an
average of 80 flights per day, and more than 4.1 million annual passengers, the airport is a major contributor to Burbank as a vital regional transportation hub. It is also instrumental to the City’s flourishing visitor market,
which attracted 3.1 million visitors in 2015 spending $724.8 million, sustaining more than 8,000 jobs, and contributing to Burbank’s healthy hotel occupancy rate of 83% in 2017.
Since the loss of the Redevelopment Agency in early 2012, the funding and resources to conduct robust economic development programs that incentivized the relocation of businesses, beautified commercial corridors, and spurred housing, commercial and office development, no longer exists.
In response, creative measures were required to continue robust economic development initiatives. Economic Development staff strengthened the existing public/private partnership with the Downtown Burbank Partnership, and created a new public/private partnership with the Burbank Hospitality Association, to leverage funding from the private sector to advance marketing, business attraction, tourism development, and place-making through capital improvements and maintenance. These partnerships
generate a revenue stream in the amount of $1.5
million annually to continue economic development
initiatives that focus on creating walkable, livable and vibrant communities, develop the Downtown
Burbank neighborhood and enhance the tourism
industry in Burbank.
The remaining limited funding allocated through the General Fund for Economic Development is dedicated to fostering entrepreneurship programs such as the Business Visitation Program, small business district development in Magnolia Park and citywide marketing.
CORE ELEMENTS
2 *Includes some college (no degree) and degreed population. 152,600
Workforce
Population
200,000
Daytime
Population
70.76%
Some College
or Higher
107,702
Population
$101,253
Average
Household
Income
$76,211
Median
Household
Income
ATTACHMENT 3 - 4
3 WHAT IS ECONOMIC DEVELOPMENT?
Economic Development focuses on improving the standard of living through the creation of jobs, the support of innovation and new ideas, the attraction of investment, and the enhancement of overall quality of life for residents, businesses and visitors.
Economic Development is multi-disciplinary and involves coordination and knowledge across numerous fields of
expertise. Including:
W Leasing
W Commercial Development
W Housing
W Planning
W Zoning
W Marketing, and more
W Place-Making
W Tourism Development
W Special Events
W Entrepreneurial Training
W Land-Use
CORE ELEMENTS
ATTACHMENT 3 - 5
WHAT IS ECONOMIC DEVELOPMENT
IN BURBANK?
The main goal of Economic Development is to “Build a Better Burbank.” Economic Development Staff works closely with internal and external partners including, Housing, Planning, Building, Public Works, Parks Recreation and Community Services, Police, Fire, the Burbank Chamber of Commerce, local businesses, regional organizations, tourism groups, and more to achieve this goal.
Economic Development Staff Strives to
“Build a Better Burbank” by:
• Acting as ombudsman responsible for generating investment through business attraction, entrepreneurship, commercial development, and neighborhood revitalization.
• Engaging all members of the community including local government, businesses, residents, and visitors to help promote commercial districts, and create vibrant neighborhoods.
• Creating vibrant neighborhoods where residents, employees and visitors can work, shop, dine, and enjoy entertainment without leaving Burbank. • Facilitating a range of housing types and job opportunities that help attract and retain companies.
• Promoting Burbank as a leading leisure and tourist destination to grow the hospitality industry.
• Maintaining and grow strong public-private partnerships to ensure a stable funding mechanism for economic development.
“Build a Better Burbank”
4 CORE ELEMENTS
ATTACHMENT 3 - 6
5 CORE ELEMENTS:
ATTRACTION
RETENTION
ENTREPRENEURSHIP
TOURISM
Destination
Marketing
and Attraction
Outreach and
Communications
(Building Relationships)
Entrepreneurship/
Small Business
DevelopmentWorkforce
Housing
Developers of
Public/Private
Partnerships
Parking
Management
Capital Improvements
and Maintenance
Place-making/Creating
Neighborhoods
Real Estate
Brokers/Developers
Job Growth/Business
Attraction
Research,
Trends,
Analytics
Business and
Property Owner
Advocates
Retail
Attraction
Event
Management
HOW DO WE DO IT?
There are four core elements that are the guiding principles that help create the Plan for “Building a Better Burbank:” Attraction, Retention, Entrepreneurship, and Tourism Development. These four core elements are broad in nature and require economic development staff to utilize a multitude of skill sets shown above. By harnessing multiple disciplines, establishing priorities, and championing projects, Economic Development will continue to advance the quality of life for residents, visitors, and businesses.
CORE ELEMENTS
ATTACHMENT 3 - 7
ACTIVATING THE FOUR CORE ELEMENTS
Attraction
Attract new business, increase/maintain job growth,
and diversify business sectors.
a. Identify and mark et opportunity sites in core commercial area appropriate for development.
b. Develop underutilized City-owned property.
c. Work closely with brokers, developers and property owners to attract new retail, restaurant and office users.
d. Identify target market industries for growth such as medical, information technology, and retail.
Increase revenue to the City’s General Fund through
film permits.
a. Adopt model film ordinance and create a mechanism to streamline the filming permitting pr
ocess.
b. Promote and market filming opportunities in Burbank to generate revenue - refresh the existing filming brochure and educate local merchants and residents to the economic benefits of being more film friendly.
Increase Housing Options for Workforce at all Levels
of Affordability.
a. Pr omote responsible development of new housing units within the Downtown/San Fernando, Media District, and Golden State specific planning areas while still protecting and preserving single-family residential neighborhoods.
b. Hold developers to high standards using Burbank’s definition of Responsible Development that includes private and public amenities that help build better neighborhoods for Burbank residents as a whole.
c. Continue to look at nontraditional ways of obtaining affordable housing that include those established through the First Street Village mixed-use Project and other jurisdictions’ best practices.
d. Enhance City incentives and concessions such as zoning. e. Streamline review of multifamily housing projects.
6 CORE ELEMENTS
ATTACHMENT 3 - 8
A ROAD MAP
The Burbank Economic Development Strategic Plan serves as a blueprint for the City’s future growth priorities based on current and projected conditions. The Plan is intended to provide a road map for city staff, developers, property owners, business districts, commercial real estate professionals, and all parties contributing to the economic wellbeing of Burbank, so as to work from a common purpose and aligned objectives.
The core elements, goals and strategies described in the Plan envision a four-year time line based on current and projected market conditions, subject to revision as the economic landscape evolves.
By understanding the framework for continued economic vitality and ongoing success, the City will be able to create a better Burbank, expanding community services such as Police and Fire, and funding improvements to public infrastructure that will in turn attract the next generation of businesses and residents to Burbank.
Retention
Support existing businesses in Burbank to enhance
business retention and expansion.
a. Create flexibility with parking and zoning requirements - Update zoning regulations to create greater flexibility in parking regulations, reduced parking standards, increase shared parking opportunities, and update zoning land use development standards to facilitate adaptive re-use of vacant and/ or underutilized commercial and industrial structures and properties.
b. Create a citywide parking management plan to protect residential neighborhoods and facilitate business expansion and development. c. Create vision and strategic plan for commercial districts – Update existing or develop comprehensive plans to facilitate amenities that help build great neighborhoods within the City’s commercial districts that support additional workforce housing, improved infrastructure, and better shopping and entertainment options.
d. In collaboration with the Burbank Chamber of Commerce, expand the Business Visitation Program to build better relationships with existing businesses and anticipate their needs, concerns and future growth opportunities.
e.
Small Business Development - Support small business corridors such as Magnolia Park and Riverside Drive with marketing, social media and ongoing business assistance support.
Entrepreneurship
Support and accelerate innovation and
entrepreneurship in Burbank.
a. Burbank Tech Talks – Continue developing entrepreneurial programs that provide networking and learning opportunities geared to foster the development of new innovative companies.
b. Partner with the cities of Glendale and Pasadena to boost technology and entrepreneurship in the tri-city area. Enhance opportunities for entrepreneurship by developing a shark tank concept or an accelerator the tri-city area.
c. Partner with the Library, local businesses and the Burbank Unified School District to create Makers Spaces for start-ups and entrepreneurs.
d. Encourage developers to invest in creative/flex space for entrepreneurs and start-ups. Work more closely with planning staff to become another advocate for creative/flex space as they work with developers.
7 CORE ELEMENTS
CORE ELEMENTS
ATTACHMENT 3 - 9
Tourism
Increase Transit Occupancy Tax (TOT) to the City’s
General Fund by partnering and supporting the efforts
of the Tourism Business Improvement District (TBID).
a. Oversee the marketing and destination development operations of the TBID to maintain a cohesive and seamless destination brand for Burbank. b. Utilize dedicated and captive audiences through social media influencer's to market Burbank is an ideal visitor location reaching millions of patrons worldwide.
c. Strategic travel and trade partnerships - Coordinate more strategic digital campaigns with Discover LA, Visit California, and Brand USA. d. Destination development opportunities - Invest in the destination development through infrastructure improvements, gateway monuments, way finding signage throughout
the City, art and sculptures, and a visitor center.
e. Facilitate New Event Space/Conference Space - Seek out new responsible development projects that include amongst other things new hotel and event space/ conference room space in close proximity to the City’s primary commercial districts, which include Downtown Burbank and underutilized land within the Golden State Specific Plan area.
8 CORE ELEMENTS
Increase Sales Tax Revenue to the City’s General Fund
by partnering and supporting the efforts of the
Property-based Business Improvement District (PBID).
a. Oversee the operations of the PBID to enhance economic vitality, create a vibrant neighborhood, provide leasing support and enhance capital improvements and maintenance.
b. Leasing support/advocacy - Work with property owners and commercial brokers to attract neighborhood serving tenants to Downtown Burbank.
c. Capital improvements & maintenance - Continue to sustain the enhanced maintenance program while adding infrastructure improvements to improve ambiance, walk ability and create sense of place, such as paseo enhancements.
d. Art/Mural Program - Develop an Art/Mural Program to create a sense of place that helps further transform Downtown into a livable, walkable neighborhood and commercial destination.
e. Business Attraction Incentive Program - Pave the way for future growth and prosperity through an incentive program for desired new business concepts.
f. Façade Improvement Program - Encourage property owners and businesses to improve the exterior appearance of their buildings and storefronts. g. Work closely with Planning and developers to encourage a more livable downtown neighborhood with an 18-hour environment.
ATTACHMENT 3 - 10
Tourism
Increase Transit Occupancy Tax (TOT) to the City’s
General Fund by partnering and supporting the efforts
of the Tourism Business Improvement District (TBID).
a. Oversee the marketing and destination development operations of the TBID to maintain a cohesive and seamless destination brand for Burbank. b. Utilize dedicated and captive audiences through social media influencer's to market Burbank is an ideal visitor location reaching millions of patrons worldwide.
c. Strategic travel and trade partnerships - Coordinate more strategic digital campaigns with Discover LA, Visit California, and Brand USA. d. Destination development opportunities - Invest in the destination development through infrastructure improvements, gateway monuments, way finding signage throughout
the City, art and sculptures, and a visitor center.
e. Facilitate New Event Space/Conference Space - Seek out new responsible development projects that include amongst other things new hotel and event space/ conference room space in close proximity to the City’s primary commercial districts, which include Downtown Burbank and underutilized land within the Golden State Specific Plan area.
9 CORE ELEMENTS
Increase Sales Tax Revenue to the City’s General Fund
by partnering and supporting the efforts of the
Property-based Business Improvement District (PBID).
a. Oversee the operations of the PBID to enhance economic vitality, create a vibrant neighborhood, provide leasing support and enhance capital improvements and maintenance.
b. Leasing support/advocacy - Work with property owners and commercial brokers to attract neighborhood serving tenants to Downtown Burbank.
c. Capital improvements & maintenance - Continue to sustain the enhanced maintenance program while adding infrastructure improvements to improve ambiance, walk ability and create sense of place, such as paseo enhancements.
d. Art/Mural Program - Develop an Art/Mural Program to create a sense of place that helps further transform Downtown into a livable, walkable neighborhood and commercial destination.
e. Business Attraction Incentive Program - Pave the way for future growth and prosperity through an incentive program for desired new business concepts.
f. Façade Improvement Program - Encourage property owners and businesses to improve the exterior appearance of their buildings and storefronts. g. Work closely with Planning and developers to encourage a more livable downtown neighborhood with an 18-hour environment.
ATTACHMENT 3 - 11
FOCUS OF ATTENTION THROUGH 2017
FOCUS OF ATTENTION
THROUGH 2022
ATTRACTION
40%
TOURISM
20%
ENTREPRENEURSHIP
20%
RETENTION
20%
Anticipated Results:
• See Economic and
Community Metrics pages
RETENTION
40%
TOURISM
20%
ENTREPRENEURSHIP
20%
ATTRACTION
20%
10 Results:
• 150,000 daytime workforce
• Increase in transient
occupancy tax (TOT) to $11.7
million
• Increased in entrepreneurial
spirit through Tech Talks
attracting 420 participants
• 12,400 Burbank businesses
ATTACHMENT 3 - 12
4 Targeted Industries:
Maintaining and growing our existing major industries in entertainment and healthcare is key to sustaining jobs and enhancing Burbank's economy. Understanding the rapid evolution of technology and the future of the job market, staff will focus on the following four target industries to grow and diversify Burbank's employment base, Entertainment Technology, Experiential Retail and Tourism, Research and Development, and Healthcare.
Entertainment Technology
As a city with more than 1,000 entertainment-related companies, the future of entertainment is being shaped in Burbank.
• The goal is to help diversify the entertainment presence in Burbank by encouraging the proliferation of new ventures in animation, gaming, film, television, music, radio/streaming, post-production, video-on-demand, and the changing face of content creation.
• Economic Development will encourage, seek out, and champion new Experiential Retail and Tourism
With Burbank a hub for young professionals and millennials attracted by the entertainment and media industry, the city presents the perfect profile for next generation of retail and hospitality.
• Media savvy and technologically advanced, these youthful consumers demand innovation and uniqueness in their shopping, dining and lodging experiences. • Economic Development has contracted with leading national retail consultants to help shift the existing landscape to one that meets such expectations.
Research and Development
With the growth of technology and access to highly skilled talent with major universities USC and UCLA within reach, there are opportunities to create innovative partnerships and encourage entrepreneurship with these institutions of higher learning.
Healthcare
With healthcare a dynamic growth sector nationwide, and to bolster the already strong presence of Providence St. Joseph Medical Center and UCLA Health, Economic Development will target projects that boost the presence of:
• Research and development
• Technology
• Pharmaceutical companies
• Biotechnology and related fields
FOCUS OF ATTENTION THROUGH 2022
11 ATTACHMENT 3 - 13
12 METRICS FOR SUCCESS
Community Metrics
Community Metrics measure the impact of regional and national trends affecting the Burbank economic, and how the local economy responds to them. Because these metrics touch on large-scale influences, local Economic Development can mitigate but not necessarily alter the national trend.
Community Metrics include:
2017 /182016/17
$689,000
12,433 12,469
$744,250 _
4.4%* 5.6%**
$33.1
million
$10.6
million
$11. 7
million
$33.7
million
$34.4
million
(projected)
$12.1
million
(projected)
_
12,499
Median Single
Family Home Value
Sales Tax
Revenue
Transient Occupancy
Tax Revenue
Unemployment
Rate
Number of Businesses
2018/19
* Source EDD Annual average for 2017.
* * Sour
ce EDD, unemployment rate as of June 2018.
ATTACHMENT 3 - 14
13 Economic Development metrics include those factors over which Economic Development has control, where data measurement is more tangible in terms of gathering and analysis. The purpose of establishing Economic Development Metrics is to evaluate program effectiveness, and to determine whether the best possible return-on-investment is being delivered.
MEASUREOBJECTIVE
Number of attendees
at Burbank Tech Talks
Number of
business visits
Digital/print
advertising reach
Digital/print
advertising reach
Number of new retailers/
restaurants recruited
Number of capital
improvement and
maintenance projects
in Downtown Burbank
12 business visits
1.5 million
decision-makers reached
30 million
leisure travelers reached
1 new
impactful tenant that advances
Burbank's retail reputation
500
entrepreneurs served
3-4
Murals installed
Support and enhance
entrepreneurship in Burbank
Support existing businesses
in Burbank to maximize retention
Attract new businesses, increase/maintain
job growth, and diversify business sectors
Boost transient occupancy tax revenue
to the City's General Fund
Grow sales tax
revenue to
the City's General
Fund
PROJECTION 2018-2019
Economic Development Metrics
ATTACHMENT 3 - 15
APPENDIX
SWOT Analysis
The City of Burbank is a vibrant, thriving, job-rich City. There are many factors that contribute to the City’s ongoing success, as well as other factors that can be improved. This section summarizes the strengths, weaknesses, opportunities, and threats (SWOT) to Burbank’s economic landscape.
Information is based on feedback received from local businesses, commercial real estate professionals, property owners and civic leaders. As a situation analysis, SWOT helps to connect the proposed Plan with actionable items to better determine what changes in focus need to be made.
STRENGTHS:
• Location proximity to greater LA area
• Entertainment industry
• Within the 6th largest world economy
• Airport/Multi-modal Transportation Access
• Tourism District
• Weather
• Downtown PBID
• No gross sales receipts tax
• Big town with small town amenities
• No City income tax
• Competitive Development Fees
• OneBurbank Service
• Vibrant Commercial Districts in
close proximity to employment hubs
• One-stop shop permitting center
• Incorporated Police, Fire, and Utility
• High quality of life
WEAKNESSES:
• Citywide Parking management
• Limited Housing Supply
• Outdated processes and procedures
• Limited flexibility
• Lack of residential development
during the past 10 years
• Fear of loss of small town feel
• Need Additional quality retail and
infrastructure
THREATS:
• Resistance to new development
• Growth in neighboring cities
(Glendale and North Hollywood)
• Protracted bureaucratic review process
can result in a high cost of doing business
• Lack of monetary incentives
• Lack of space and availability
of vacant land (built out City)
• Lack of diversification in industries
can impact economic resilience
OPPORTUNITIES:
• Create model film ordinance
• Promote Responsible Development
• Projects neighborhood character
• Attract new locally serving retailers
• Encourage design guidelines and development
standards for mixed use projects
• Development of commercial districts
• Underutilized parcels near transit and
employment centers
• Attract International investment
• Ensure High Speed Rail enhances community
access transit and promotes local economic
development
• Ensure Metro Orange line extension improves
connectivity and access to employment
centers and neighborhoods
• Increase affordable workforce housing
14 ATTACHMENT 3 - 16
ATTACHMENT 3 - 17